Chicago, Oct. 28 – PGIM Ltd. priced €411.75 million in eight classes of notes plus a subordinated class on Monday, according to a press release.
The notes will be issued by Dryden 73 Euro CLO 2018 BV.
The securitization of mainly senior secured obligations will consist of €228 million class 1-A-1 floating-rate notes, €12 million of class 1-A-2 1.17% fixed-rate notes, €24 million of class 1-B-1 floating-rate notes and €22 million of class 1-B-2 2.15% fixed-rate notes.
The issues will also include €8.5 million of class 1-C-1 floating-rate notes, €20 million of class 1-C-2 2.6% fixed-rate notes, €23.5 million of class 1-D floating-rate notes, €24 million of class 1-E floating-rate notes and €11 million of class 1-F floating-rate notes.
There will also be €38.75 million of subordinated notes.
Full details are not yet released on the floating-rate notes which will be tied to Euribor.
Citigroup Global Markets is the arranger and PGIM Ltd. will manage the transaction.
The reinvestment period will be 4.5 years.
PGIM is an investment management firm and subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 73 Euro CLO 2018 BV
|
| Amount: | €411.75 million
|
| Maturity: | Jan. 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Arranger: | Citigroup Global Markets
|
| Manager: | PGIM Ltd.
|
| Pricing date: | Oct. 28
|
|
|
| Class 1-A-1 notes
|
| Amount: | €228 million
|
| Securities: | Floating-rate notes
|
| Rating: | Fitch: AAA expected
|
|
|
| Class 1-A-2 notes
|
| Amount: | €12 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.17%
|
| Rating: | Fitch: AAA expected
|
|
|
| Class 1-B-1 notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Rating: | Fitch: AA expected
|
|
|
| Class 1-B-2 notes
|
| Amount: | €22 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.15%
|
| Rating: | Fitch: AA expected
|
|
|
| Class 1-C-1 notes
|
| Amount: | €8.5 million
|
| Securities: | Floating-rate notes
|
| Rating: | Fitch: A expected
|
|
|
| Class 1-C-2 notes
|
| Amount: | €20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.6%
|
| Rating: | Fitch: A expected
|
|
|
| Class 1-D notes
|
| Amount: | €23.5 million
|
| Securities: | Floating-rate notes
|
| Rating: | Fitch: BBB- expected
|
|
|
| Class 1-E notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Rating: | Fitch: BB- expected
|
|
|
| Class 1-F notes
|
| Amount: | €11 million
|
| Securities: | Floating-rate notes
|
| Rating: | Fitch: B- expected
|
|
|
| Subordinated notes
|
| Amount: | €38.75 million
|
| Securities: | Subordinated notes
|
| Rating: | Fitch: Not rated
|
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